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Northcote Energy Ltd / Index: AIM / Epic: NCT / ISIN: VGG6622A1057 / Sector: Oil & Gas 20 June 2013 Northcote Energy Ltd (`Northcote' or `the Company') AGM Statement Northcote Energy, an onshore US oil and gas exploration and production company,is pleased to provide an update on its projects, which will be read at today'sAnnual General Meeting (`AGM'). Northcote Energy Managing Director Randy Connally will make the followingstatement: "In just over five months since listing, we have transformed Northcote'sproduction and reserves profile across a growing portfolio of US onshore oiland gas assets targeting the producing Mississippi Lime formation in Oklahoma.This success has been achieved through a blend of corporate and operationalinitiatives including an increase in Northcote's working interest at the coreHorizon Project; 500% growth in the Company's net acreage in Osage County; andthe successful commencement of workover and frack programmes across a number ofwells that have already resulted in a more than doubling in net productionsince the IPO. "Acquisitions are high on our agenda and we are focussed on increasing our netacreage to 5,000 acres in Oklahoma by the end of 2013. We will achieve this byleveraging our proven experience and knowledge in Osage County, which as wehave already shown gives us a strong competitive advantage. We are now halfwaythere with 2,500 net acres spread across five assets. Our business model isbased on building significant interests in core assets with considerable scopeto increase production and prove up reserves, namely the Horizon Project(51%WI), the contiguous Mathis Project (100% WI), and the OKE Project, whereour 100% acquisition conferred Northcote with operator status in the region. Wealso have smaller working interests in the Bird Creek Project, Osage County(3.125% WI) and the De Agua Project, Woods County (0.125% WI). Based on justthe Horizon and De Agua projects alone, our reserves now have a P1 PV10 ofUS$61.94 million which, when compared to our current market capitalisation,demonstrates the significant potential for growth in our current share price. "Importantly our ambitions do not stop here and we are primed for further highimpact growth over the coming months. Near term milestones include the finalresults from the first two of our four six-well frack programme for 2013 andour pipeline project at Horizon, results from our workover campaign at the OKEProject and production from one of the two new wells drilled at the Bird CreekProject. These initiatives will significantly augment existing production andwe are highly confident that we will not only hit but exceed our 2013 target of100 boepd net to Northcote well ahead of schedule. "I would like to take this opportunity to thank the Board and our shareholdersfor their support during this exciting time for Northcote and I look forward toproviding regular market updates over the coming weeks and months as wecontinue to build the Company to become a significant producer of oil and gasin Oklahoma." **ENDS** For further information and the full Admission document visitwww.northcoteenergy.com, see below or contact the following: Randy Connally Northcote Energy Ltd +01 214 675 7579 Ross Warner Northcote Energy Ltd +44 7760 487 769 Dan Jorgensen Northcote Energy Ltd +44 (0) 20 7024 8391 Roland Cornish Beaumont Cornish Ltd +44 (0) 20 7628 3396 Jerry Keen Shore Capital Stockbrokers +44 (0) 20 7408 4090 Limited Bidhi Bhoma Shore Capital Stockbrokers +44 (0) 20 7408 4090 Limited Hugo de Salis St Brides Media and Finance +44 (0) 20 7236 1177 Ltd Elisabeth Cowell St Brides Media and Finance +44 (0) 20 7236 1177 Ltd Notes: Northcote Energy Ltd is a revenue generative US onshore oil and gas productioncompany focussed on the rapidly emerging Mississippi Lime formation inOklahoma. The Company participates with leading operators, including MidstatesPetroleum and Chesapeake Energy, in low risk development plays where advancedtechniques, such as horizontal drilling and fracking, are used to unlock knownoil accumulations and dramatically improve recovery rates. Management isfocused on increasing production through a multi-well drilling and frackingcampaign in 2013.